What is retention account in SAP PSM-GPR - Procurement for Public Sector?

SAP Term: retention account

• Component: PSM-GPR

• Component Name: Procurement for Public Sector

• Description: An account used for keeping retention amounts.

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• Key Concepts: 
  A retention account is a type of account used in the Procurement for Public Sector (PSM-GPR) component of SAP. It is used to hold funds that are withheld from a vendor until the completion of a project or service. The funds are held in the account until the vendor has fulfilled their contractual obligations and the project or service is completed. 
  
  How to use it: 
  The retention account is used to ensure that vendors are held accountable for their contractual obligations. The funds are held in the account until the vendor has completed their work and the project or service is completed. The funds can then be released to the vendor. 
  
  Tips & Tricks: 
  It is important to ensure that the funds are held in a secure account and that they are not released until all contractual obligations have been met. It is also important to ensure that the funds are released in a timely manner so that vendors do not experience any delays in payment. 
  
  Related Information: 
  The retention account is part of the Procurement for Public Sector (PSM-GPR) component of SAP. It is important to understand how this component works in order to effectively use the retention account. Additionally, it is important to understand how other components of SAP, such as Accounts Payable, interact with the retention account in order to ensure that payments are made correctly and on time.